The fraternity was founded at Wesleyan College in Macon, Georgia as the Philomathean Society on January 4, 1852, and was announced publicly on March 4 of the same year.

Phi Mu is one of the two "Macon Magnolias," a term used to celebrate the bonds it shares with Alpha Delta Pi as sororities founded on that same campus.

Initiated members wear the Phi Mu Badge, which depicts a quatrefoil with black and gold enamel bearing ΦΜ, a hand holding a heart, and three stars.

The fraternity's creed is the uniting statement that every member of Phi Mu is expected to know and live her life by, defining what it means to be a noblewoman and enumerating several practices.

In total, Phi Mu has contributed over $21 million and many hours to improve the quality of life for sick children and their families throughout the country.

[8] In 2011, the sorority made national headlines after the chapter at the University of Southern Mississippi dressed in blackface for a "Cosby" themed party.

The sorority members involved were placed on probation by Phi Mu's national headquarters and offered a public apology for their misconduct.

[10][11] Phi Mu member Caroline Bechtel told Marie Claire that the chapter would automatically add any minority woman to a list of women to be dropped as a membership candidate.